`CBM of U.S. Patent No. 7,212,999
`
`0001
`
`
`
`0002
`
`Staljting
`llut In
`Futures
`
`9 M
`
`ARK J. POWERS
`
`
`
`Stmfiting
`Ilut III
`Futures
`W9Updated and Expanded
`
`SIXTH EDITION
`
`MARK J. PIIWERS
`
`McGraw-Hill
`
`New York Chicago SanFranc'1sccI
`Lisbon London Madrid Mexico City
`Milan New Delhi San Iuan Seoul
`Singapore Sydney Toronto
`
`0003
`
`
`
`Library of Congress Cataloging-in-Publication Data
`
`Powers, Mark J.
`Starting out in f'ul'ures trading/by Mark }. I’owers—6th ed.
`P. C111.
`ISBN (J—Cl'.7—136390-4
`
`1. Futures, 2.0ptions (Finance). 3. lrwestment analysis.
`
`I. Title
`
`H0602!-l.A3 P632 2000
`332.645-—dc21
`
`O0-D-15265
`
`McGraw-Hill
`A Division of'l".i1.e MCGNID-Hill Ca-n-Ipanies
`
`Q’
`
`Copyright © 2001 by The McGraw-Hill Companies. Inc. All rights reserved. Printed in the
`United States of America. Except as permitted under the United States Copyright Act of 1976,
`no part of th.is publication may be reproduced or distributed in any form or by any means, or
`stored in a data base or retrieval system, without the prior written permission of the publisher.
`8
`9
`ID
`DOPLIDOH
`0
`I
`
`ISBN 0-07—136390-4
`
`Printed and bound by Quebecor/Martinsburg‘
`
`McGraw-Hill books are available at special quantity discounts to use as premiums and sales
`promotions, or for use in corporate rrai.n.i.ng programs. For more information, please write to
`the Director of Special Sales, Professional Publishing, MLGIEW-Hill, Two Penn Plaza, New York,
`NY 10121-2298. 01' Contact your local bookstore.
`
`This book is printed on recycied, acid-free paper oonta.i.n.ing a min.imurn of 50%
`6 recycled, de-inked fiber.
`
`Throughout the book the author is using “he" but it is meant to imply
`a neutrality in the sexual context and should be read as “he or she."
`
`0004
`
`
`
`0005
`
`
`
`The Commodfl Futures Excha_r-rgg
`
`ments during that day's trading and requires immediate payment from those mem-
`bers showing a net loss on their positions.
`Because there is. of course, a buyer for every seller, the monies paid out
`must be equal to the monies collected, and the clearinghouse must show neither a
`gain nor a loss. It must balance before a new trading day begins.
`Brokers use the cash payments received from the clearinghouse to pay out
`trading profits to customers. Conversely, they have to pay additional money to the
`clearinghouse to cover losses sustained by customers.
`In summary, today’s modern commodity futures exchanges have come a
`long way in developing managerial techniques for handling the tremendous explo-
`sion in volume of trading seen in recent years. The exchanges themselves are mod-
`ern structures, which make use of the most modern data—processing technology
`available.
`
`0006
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